DUBLIN--(BUSINESS WIRE)--The "Global Sex Toys Market Size, Share & Trends Analysis Report by Type (Male, Female), by Distribution Channel (E-commerce, Specialty Stores, Mass Merchandizers), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global sex toys market size is expected to reach USD 52.39 billion by 2028 and is projected to register a CAGR of 8.04%
The stigma of using these products to replace a partner has long been broken by couples who enjoy these toys from time to time, which is expected to drive the market growth.
The impact of the COVID-19 pandemic is expected to create an economic downturn in all industries as the majority of countries are in lockdown. However, the initial impact of country-wide lockdown has exhibited a boost in sales of sex toys. Several countries such as Italy, the U.S., Australia, U.K., Canada, and France reported high demand for sex toys, from January to March 2020.
These countries have also experienced increased sales, from the anticipated yearly forecast. People are advised to practice social distancing and self-isolation for self-care, which has led to an increase in the sales of sex toys such as vibrators and massagers.LELO launched a wave of Stayhome and Save deals applicable for the entire month of May 2020, wherein the company was offering up to 15% discounts on its products.
Asia Pacific is expected to be the fastest-growing market during the forecast period. China and Australia are the leading revenue generators in the market.
The stigma surrounding sex is reducing among millennials and Gen-Z, who are more open to exploring new things to enhance their sexual experience.In March 2019, Reckitt Benckiser launched its direct-to-consumer e-commerce platform to sell its premium products in India.
Sex Toys Market Report Highlights
- The female sex toys segment held the largest market share in 2020 and is expected to expand at the second-highest CAGR during the forecast period. Single women are among the leading contributors to the market growth
- Manufacturers are trying to reach a larger market via e-commerce sites. In developing countries where adult stores are not easily accessible, online retailers are meeting customer demand by offering a different range of products via discrete delivery and an added advantage of discounted rates
- North America held the largest market share in 2020, owing to the presence of numerous retailers providing easy access to products. In the U.S. and Canada, sociodemographic factors also play a role in the type of toy being preferred and its frequency of use
- With increasing disposable income in developing countries, consumers are opting for innovative products such as exquisite vibrators, BDSM gear, and anal toys. This increases opportunities for market players to capitalize on the growing demand for more high-end innovative products
- Emerging players backed by technological advancements are developing products that offer a more realistic experience. Brand leaders such as Doc Johnson, LELO, FleshLight, and LoveHoney have a global presence with a strong product portfolio.In July 2019, LifeStyles Healthcare announced the launch of three new intimate accessories under its SKYN brand-SKYN Thrill, SKYN Vibes, and SKYN Shiver
Market Dynamics
Market Driver Analysis
- Changing Perception Of Customers
- Growing Presence Of Online Retailers
- Increasing Investment In Sex Tech Companies
- Increasing Spending Capacity
Market Restraint Analysis
- Chemicals used in sex toys
- Lack of government regulations for manufacturers
Companies Mentioned
- Church & Dwight Co., Inc.
- Reckitt Benckiser Group Plc
- Lelo
- Lifestyles Healthcare Pte Ltd.
- Doc Johnson Enterprises
- Lovehoney Group Ltd.
- Bms Factory
- Tenga Co., Ltd.
- Fun Factory
- We-Vibe
For more information about this report visit https://www.researchandmarkets.com/r/dovz4x
